Build the

FUTURE through

SUSTAINABLE

POWER.

REPORT AND FINANCIAL STATEMENTS

OF ENEL SPA AT DECEMBER 31, 2024

Beyond Reports: Enel’s Graphic Journey to a Sustainable Tomorrow

The graphic design of Enel’s 2024 corporate reporting project powerfully reflects our

commitment to building a better future.

The design featured in this publication underscores our strong commitment to translating our

Purpose “Build the future through sustainable power” into concrete actions.

Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental

impact through clean, innovative, and responsible energy solutions for future generations.

Our visual narrative is crafted to express Enel’s commitment to our long term aim and how we

embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust

within our teams and with our stakeholders through clear communication and a focus on

our customers. By fostering curiosity and a practical approach, we drive innovation to meet

changing needs and create sustainable solutions. Our ability to adapt enables us to seize new

opportunities in a rapidly changing world, while our respect for individuality and inclusivity

fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility,

shaping a sustainable future.

As a result, every element of our corporate reporting resonates with Enel’s commitment and

core values, creating a narrative designed to inspire others to join us on our journey toward a

sustainable future.

REPORT AND FINANCIAL

STATEMENTS OF ENEL SPA

AT DECEMBER 31,

2024

Paolo Scaroni

Chairman

Flavio Cattaneo

Chief Executive Officer

and General Manager

LETTER TO

SHAREHOLDERS

AND OTHER

STAKEHOLDERS

REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA Letter to shareholders and other stakeholders

Dear shareholders and stakeholders,

In 2024, Enel continued its path along the strategic

guidelines outlined last year: (i) profitability, flexibility

and resilience, (ii) effectiveness and efficiency, (iii) fi-

nancial and environmental sustainability, achieving a

more solid and balanced financial structure, essential

for long-term growth and value creation.

With a workforce of over 60,000 employees, Enel

confirmed its position as the world’s largest renewa-

ble energy operator

, with around 66 GW of managed

capacity, as well as the world’s largest electricity distri-

bution company,

serving about 68.5 million end users.

It also has the largest customer base,

with over 55

million electricity and gas customers.

1. Group of reference: listed companies not predominantly state-owned.

In line with our strategy, we have defined our purpose

to “Build the future through sustainable power” and

the vision to “Drive electrification, fulfilling people’s

needs and shaping a better world”. We contribute to

decarbonization and lead the electrification process

of final consumption through innovative technologies

and reliable services, while remaining focused on our

core business: the generation, distribution and sale of

energy in a way that is sustainable from a financial, en-

vironmental and social point of view.

Enel has an integrated approach to enable a fair and

inclusive energy transition which puts local commu-

nities, institutions, suppliers, customers, workers and

shareholders at the core of its strategy to create

shared value in the long term, while being strongly

68.5 million

End users

Letter to shareholders and other stakeholders REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA

66 GW

Managed capacity

committed to safety and human rights. Furthermore,

we invest in training and refresher programs and pur-

sue the goal of creating sustainable production pro-

cesses, reducing the need for critical raw materials

through innovative solutions and processes, drawing

on the skills of around 7,500 qualified suppliers.

Finally, our commitment to sustainability is strength-

ened by a solid governance model, ensuring trans-

parency, integrity and responsibility in managing cor-

porate activities. The focus on sustainability is also

confirmed by our consistent inclusion in the world’s

main sustainability rankings and indexes.

The macroeconomic environment

The global economy proved resilient in 2024, despite a

volatile environment fueled by persistent geopolitical

uncertainties and the slow normalization of monetary

policies.

The main economies recorded different growth rates:

economic performance remained solid and above ex-

pectations in the United States, mainly supported by

the resilience of consumption and investment growth;

economic activity in the euro area showed a slight im-

provement, although lower than expected due to the

weakness of domestic demand. Finally, post-COV-

ID-19 growth in Latin America took place in a hetero-

geneous macroeconomic environment, also impacted

by political discontinuities in some states. For the most

important economies, including Brazil, public debt, in-

terest rate developments and exchange rate policies

represent key elements for the evolution of macroe-

conomic variables.

During 2024, the European gas market showed high

volatility while uncertainties in supplies together with

the recovery of Asian demand led to a marked increase

in prices in the last quarter, with stocks at non-alarm-

ing levels. At the same time, coal market prices de-

clined, due to lower availability and the growth of

renewable generation, while the price of Brent oil de-

creased slightly due to the increase in US production

and the stability of global supply. The price of CO

also

decreased within the Emission Trading System (ETS),

reflecting both lower industrial activity in Europe and

greater use of renewable energy sources.

Lower gas prices in Italy and Spain in the first part of

2024 and higher renewable generation have normal-

ized market developments contributing to a year-on-

year reduction in the price of electricity of 15% and

28%, respectively.

Copper and aluminum prices rose by about 8% year-

on-year, due to both an increase in demand linked to

the energy transition and the global industrial recovery

and supply issues, including social tensions in Chile and

Peru and environmental restrictions in China. On the

other hand, metals most closely linked to renewable

technologies, such as lithium and polysilicon, reached

historic lows in the final months of the year, both re-

flecting increased supply and lower-than-expected

demand, highlighting the market readjusting process.

Performance

Enel’s 2024 financial year ends with solid results and

the achievement of the annual targets communicat-

ed to the market, with ordinary EBITDA at €22.8 bil-

lion and ordinary net profit at €7.1 billion, up 3.8% and

approximately 10% respectively compared to 2023.

The dividend to be proposed to shareholders for 2024

amounts to €0.47 per share, approximately 9% higher

than 2023, in line with the provisions of the 2025-2027

Strategic Plan. Net debt is equal to €55.8 billion, down

7% compared with the previous year, with an improve-

ment in the net debt/EBITDA ratio from 2.7x to 2.4x,

which places Enel at the top of global utilities in terms

of solidity of capital structure and allows us to evaluate

incremental growth opportunities.

Letter to shareholders and other stakeholders

REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA

Main events

Enel continues its growth path in energy generation

from renewable sources. In 2024, it built around 4.0

GW of new renewable capacity (of which around 1.3

GW of battery storage), reaching a total installed ca-

pacity of around 66 GW, generating 148 TWh/year.

The focus stays on distribution grids through signif-

icant investments in resilience, quality and digitaliza-

tion, as required by both the energy transition process

and the increasingly frequent weather events linked to

climate change.

Furthermore, to manage emergencies related to ex-

treme weather events, such as those that occurred

during the year in Brazil, Chile and Italy, we have ac-

tivated emergency protocols that ensure an effective

and immediate response, leveraging our international

dimension to promptly mobilize expert resources from

all countries where we are present.

As regards the role of grids in the energy transition,

the distributed renewable capacity connected to our

networks totals 78 GW, coming from about 2.4 million

producers and prosumers,

of which 411,520 added in

2024.

In particular, thanks to an investment planning strate-

gy and favorable regulatory schemes, over €3.5 billion

were invested in Italy in 2024, of which approximately

€900 million from the National Recovery and Resil-

ience Plan funds (NRRP), allowing, among other things,

to achieve distributed renewable capacity of 1.43 GW,

higher than the NRRP target of 924 MW.

Finally, the awareness of the importance of invest-

ments in the resilience, modernization and digitaliza-

tion of distribution grids has led Italy to extend exist-

ing electricity distribution services concessions, for a

maximum period of 20 years, against the provision of

extraordinary multi-year investment plans.

2024 was a year of changement for the Enel X Global

Retail commercial division: its organizational structure

2. A “prosumer” (a blend word of “producer” and “consumer”) is an individual or a company that not only consumes goods or services, but also

produces them, e.g. by installing photovoltaic panels to generate electricity.

3. Article 1, paragraphs 50-55, of Law 207 of December 30, 2024 (Budget Law 2025).

4. Reduction in new commercial complaints per 10,000 customers.

5. Includes Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services and Workforce

Evolution.

was renewed and strengthened to address increasing

market competitiveness and better meet customer

needs. The offer of e-mobility business models was

simplified, rationalizing the geographical presence

and confirming Enel as one of the main players in the

sector.

During the year, the division worked to increase and

retain its customer base by defining a portfolio of

innovative solutions (e.g. virtual solar, flexibility) and

bundle offers (commodities, products and services),

including electric vehicle charging in residential, cor-

porate and public areas. The Enel X Global Retail divi-

sion continued to improve the customer experience,

reducing commercial complaints by 8%

compared

with the previous year and strengthening its commer-

cial channels.

To support our commercial strategy, we have im-

proved external communication with ads aimed at

strengthening our brand image as a long-standing,

closer-to-customers, reliable and quality company.

Finally, a new governance was introduced at Group

level allowing the commercial strategy to be defined

and shared with the Global Energy and Commodity

Management and Chief Pricing Officer and Enel Green

Power and Thermal Generation divisions, ensuring the

optimization and monitoring of the Group’s integrated

margin along the entire value chain.

Enel Global Services

continued the Company’s digital

transformation journey, focusing on advanced solu-

tions and technologies, such as Artificial Intelligence,

with a training program aimed at providing all em-

ployees with the tools to navigate the AI opportunities

and risks. At the same time, the Procurement unit has

placed financial and environmental sustainability at the

core of the procurement strategy. Through efficiency

and simplification, it has guaranteed the timely availa-

bility of goods, works and services, ensuring flexibility

and competitive prices.

In line with the Paris Agreement, we continue our de-

carbonization journey, aiming to reach zero emissions

Letter to shareholders and other stakeholders

REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA

in all Scopes by 2040. In 2024, absolute direct and

indirect greenhouse gas emissions along the entire

value chain amounted to approximately 70 MtCO

2eq

down by 26% compared with 2023, in line with the

objectives certified by the Science Based Targets in-

itiative (SBTi).

In 2024, we issued bonds for a total of €4.5 billion, in

line with the financial strategy to optimize the cost of

capital needed for the industrial investments of the

2024-2026 Strategic Plan. Of this amount, the equiv-

alent of €3.6 billion were Sustainability-Linked Bonds

placed on the European and US markets, based on

Key Performance Indicators (KPIs) that confirm Enel’s

commitment to the energy transition, in line with the

environmental and financial sustainability pillar of

our strategy; more specifically, the interest rates on

each issue were related to the achievement of both

the Sustainability Performance Targets (SPT) linked to

the “Capex aligned with the EU taxonomy (%)” and the

“Scope 1 GHG emissions Intensity related to Power

Generation (gCO

2eq

/kWh)” .

As regards financing with development banks and ex-

port credit agencies, in 2024 Enel signed loans for a

total of about €1 billion, further diversifying its sources

of financing at lower-than-market prices.

Consistent with the objectives of reducing debt and

strengthening the capital and financial structure, the

divestment plan was completed in 2024 with a view to

portfolio rotation focused on maximizing the assets

value and seizing growth opportunities.

More specifically, disposal transactions include the

completion of the sale in Peru of the distribution and

generation company Enel Distribución Perú SAA, the

advanced energy services company Enel X Perú SAC

and the electricity generation company Enel Gener-

ación Perú SAA, as well as the sale by Enel Italia to Sos-

teneo of a 49% stake in Enel Lybra Flexsys, a company

established by Enel for the implementation and oper-

ation of a portfolio of projects mainly including Battery

Energy Storage Systems (BESS). In Italy, the subsidiary

e-distribuzione finalized the sale of 90% of the share

capital of Duereti Srl, a corporate vehicle benefiting

from the transfer of electricity distribution activities in

a number of municipalities in the provinces of Milan

and Brescia, to A2A SpA.

6. Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).

As regards acquisitions, through Endesa Generación,

we signed in Spain the agreement to buy 100% of Cor-

poración Acciona Hidráulica SL, a company of the Ac-

ciona Group owning 34 Spanish hydroelectric plants

with installed capacity of over 600 MW, in order to con-

solidate our leading role in renewables at a global level.

Finally, in line with the strategy on stewardship pre-

sented to the market, Endesa subsidiary Enel Green

Power España finalized the sale to Masdar of a stake

of 49.99% in Enel Green Power España Solar 1 (EGPE

Solar), owner of photovoltaic plants in Spain with to-

tal installed capacity of about 2 GW. Enel will maintain

control of EGPE Solar consolidating the joint venture,

and will purchase 100% of the energy generated by

the photovoltaic plants through long-term Power Pur-

chase Agreements.

Strategy and forecasts for 2025-2027

The Strategic Plan for 2025-2027 confirmed the stra-

tegic pillars of the previous Plan:

• profitability, flexibility and resilience, pursuing value

creation through selective capital allocation to opti-

mize the Enel Group’s risk/return profile, while keep-

ing a flexible approach;

• effectiveness and efficiency, pursuing the contin-

uous optimization of processes, activities and the

product and services portfolio, strengthening cash

generation and developing innovative solutions to

increase the value of existing assets;

• financial and environmental sustainability to main-

tain a solid structure, ensure the flexibility needed

for growth and address the challenges of climate

change.

Gross capex in the three years is set at about €43

billion, allocated to the different geographical areas

based on their contribution to EBITDA.

More specifically, capex in Grids is set at about €26

billion, up by 40% compared with the previous Plan,

to improve the resilience, digitalization and efficiency

of the distribution network. As a result we expect the

Regulated Asset Base (RAB)

to reach about €52 billion

in 2027, from about €42 billion in 2024, with the con-

tribution of Grids to the Group ordinary EBIDTA stand-

ing at about 40% in the same year.

Letter to shareholders and other stakeholders

REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA

Capex in Renewables is set at about €12 billion to add

12 GW of capacity in the next three years, to a total of

76 GW of installed renewable capacity in 2027. The in-

vestment strategy provides for: (i) a flexible capital allo-

cation, evaluating both the possibility of building new

plants and the opportunity to acquire assets already

in operation (brownfield), depending on the return on

investment timeframe and the regulatory and market

frameworks of the different countries; (ii) a selective

approach aimed at maximizing returns and minimizing

risks; (iii) improved technologies, with over 70% of new

capacity from onshore wind and programmable tech-

nologies (hydro and batteries).

Capex in the Retail segment is set at about €2.7 bil-

lion, of which 85% in in countries where we have an

integrated presence, offering a portfolio of bundled

solutions with energy, products and services. The cus-

tomer base in the free electricity market in Italy and

Spain is expected to grow to over 19 million in 2027.

As regards environmental sustainability, we intend

to continue with the reduction of direct and indirect

greenhouse gas emissions, in line with the Paris Agree-

ment and the 1.5 °C scenario, as certified by the SBTi.

Cumulative Group ordinary EBITDA over the Plan peri-

od is expected to exceed €70 billion, of which approx-

imately 90% will derive from regulated or contracted

activities, reducing risks and improving visibility on fu-

ture performance and therefore EBITDA quality.

Group ordinary EBITDA is expected to grow to between

€24.1 and €24.5 billion in 2027 – with a Compound Av-

erage Growth Rate (CAGR) of about 7% compared with

€17.3 billion in 2022 – while Group net ordinary income

is expected to increase to between €7.1 and €7.5 bil-

lion, with a CAGR of about 11% compared with €4.3

billion in 2022.

Finally, the net financial debt/EBITDA ratio is expected

to stand at around 2.5x at the end of the Plan period,

remaining below the sector average.

As regards shareholders’ remuneration in the three-

year period, the dividend policy has been revised up-

wards with a new minimum annual fixed DPS of €0.46

and a potential further increase up to a payout of 70%

on the Group net ordinary income. Compared to the

previous dividend policy, the constraint of achieving

cash flow neutrality has also been removed.